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Toshiba cuts annual forecast by 18.5%

Electronics manufacturers worldwide struggle to profit from making televisions amid fierce competition

Gulf News

Tokyo: Japan’s Toshiba said Wednesday it had cut its annual net profit forecast for the year to March by almost a fifth, citing slowing sales in digital products and electronic devices. The technology and engineering conglomerate expects to see a net profit of 110 billion yen (Dh5 billion) in the fiscal year, down 18.5 per cent from an earlier forecast of 135.0 billion yen. It also said it saw sales dropping to 6.1 trillion yen from 6.4 trillion yen. “The digital products and the electronic devices segments are expected to see declines in sales and operating income, particularly in the visual products and the semiconductor businesses,” the company said. Electronics manufacturers worldwide are struggling to profit from making televisions as they face fierce competition in the overcrowded, low-margin market.